The Law of Diminishing Marginal Returns Refers to the Tendency

question 31

Multiple Choice

The law of diminishing marginal returns refers to the tendency for the ________ to eventually decrease as more labour is employed,everything else remaining the same.

• A)average total cost
• B)marginal cost
• C)total product
• D)marginal product of labour
• E)average product of labour

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Definitions:

Contingency Table

A table used in statistics to show the frequency distribution of variables, and analyze the relationship between categorical variables.

Qualitative Variables

Variables that categorize or describe attributes or properties of objects, individuals, or conditions, without using numerical values.

Contingency Table

A table used in statistics to display the frequency distribution of variables, helping in analyzing the relationship between different categorical variables.

Frequency of Occurrence

The rate at which a particular event or outcome happens within a specific interval of time or within a given data set.